Union Bank freezes home loan rate at 8% for one year

Union Bank freezes home loan rate at 8% for one year
PTI
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First Published: Tue, May 19 2009. 04 20 PM IST
Updated: Tue, May 19 2009. 04 20 PM IST
Mumbai: Public sector lender Union Bank of India on Tuesday freezed interest rates for new home loans up to Rs50 lakh at 8% for one year.
The scheme will be applicable for loans taken up to 30 September 2009, Union bank said in a release issued on Tuesday.
After one year, the rate will go back to floating rates till the loan is fully repaid, the bank said.
Leading state-owned banks, State Bank of India and Central Bank of India had earlier launched similar schemes offering 8% fixed rate for home loan borrowers for the first one year.
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First Published: Tue, May 19 2009. 04 20 PM IST